New Regulations Raise Lower Limit for Turkish Citizenship through Property Investment to $600,000

The Directorate of Migration Management of the Ministry of Interior has recently adjusted the lower limit for housing sales that contribute to obtaining Turkish citizenship. The revised limit, set at $600,000 for the year 2024, reflects a notable increase of $200,000. According to TURKSTAT data, housing sales to foreigners experienced a significant 53 percent year-on-year decrease in October 2023, marking the lowest point in the past three years.

In the regulatory update issued on October 16, 2023, the Migration Management increased the lower limit for the sale of residences and purpose-built houses to foreigners from $75,000 to $200,000. Specifically for citizenship purposes, the new lower limit was established at $400,000. Under the latest regulation, effective from 2024 onwards, the minimum threshold for housing sales to foreigners has been raised to $600,000.

Turkey residence highlighted, "Currently, foreigners who purchase real estate valued at $400,000 are eligible to apply for Turkish citizenship. The required property investment for Turkish citizenship had previously been reduced from $1 million to $250,000 in September 2018 and subsequently increased to $400,000 in 2022. With the forthcoming regulation in 2024, the lower limit for housing sales to foreigners will experience an additional increase from $400,000 to $600,000."

In parallel, TURKSTAT data reveals that housing sales to foreigners reached their lowest point in approximately 2.5 years in October 2023. Despite a surge in rental and housing prices following the pandemic, housing sales to foreigners have experienced a decline. Notably, the data indicates a 53 percent year-on-year decrease in October 2023, marking the lowest level since 2020. This decline follows earlier fluctuations, including a 42 percent decrease in the middle of the year, primarily attributed to the earthquakes on February 6 that affected 11 provinces. Overall, the real estate market for foreigners in Turkey has witnessed considerable changes against the backdrop of evolving regulations and market dynamics.